Market Turbulence: Gold and Precious Metals Decline

In a surprising turn of events, precious metal prices witnessed a notable decline this Tuesday, with gold leading the downturn by shedding over 1% of its value. This shift is primarily attributed to the fluctuating safe-haven demand amidst the ongoing uncertainties surrounding US trade policies.

US Trade Policy: A Catalyst for Change

President Donald Trump's recent decision to temporarily exempt US automakers from the steep 25% tariffs imposed on Canada and Mexico for a month has added layers of complexity to the trade scenario. Despite this temporary relief, the introduction of new tariffs by the US on Canada, Mexico, and China has sparked a series of retaliatory measures from these nations, further exacerbating the situation.

Price Movements: A Closer Look

As of 5:14 am ET, gold prices plummeted by 1.01%, settling at $2,893.81 per ounce. Similarly, silver wasn't spared, experiencing a 1.20% decrease, bringing its price down to $32.31 per ounce. The ripple effects were also felt in the prices of platinum and palladium, with platinum dropping by 0.45% to $964.63 per ounce and palladium slightly decreasing by 0.15%, trading at $928.76 per ounce.